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2016-11-02

RedHill Biopharma Ltd. : RedHill Biopharma Announces Withdrawal of Public Offering of its American Depositary Shares

TEL-AVIV, Israel, Nov. 02, 2016 (GLOBE NEWSWIRE) -- RedHill Biopharma Ltd.
(NASDAQ:RDHL) (TASE:RDHL) ("RedHill" or the "Company"), a biopharmaceutical
company primarily focused on the development and commercialization of late
clinical-stage, proprietary, orally-administered, small molecule drugs for
gastrointestinal and inflammatory diseases and cancer, today announced that
it has withdrawn the proposed underwritten public offering of its American
Depositary Shares due to market conditions.

The Company believes that it is not in the best interest of its stockholders
to raise the equity capital in the current market environment. RedHill's cash
position at the end of the third quarter of 2016 was approximately $40.5
million.

About RedHill Biopharma Ltd.:

RedHill Biopharma Ltd. (NASDAQ:RDHL) (TASE:RDHL) is a biopharmaceutical
company headquartered in Israel, primarily focused on the development and
commercialization of late clinical-stage, proprietary, orally-administered,
small molecule drugs for the treatment of gastrointestinal and inflammatory
diseases and cancer. RedHill's current pipeline of proprietary products
includes: (i) RHB-105

-

an oral combination therapy for the treatment of Helicobacter pylori

infection with successful results from a first Phase III study; (ii) RHB-104

-

an oral combination therapy for the treatment of Crohn's disease with an
ongoing first Phase III study and an ongoing proof-of-concept Phase IIa study
for multiple sclerosis; (iii) BEKINDA
®
(RHB-102)

-

a once-daily oral pill formulation of ondansetron with an ongoing Phase III
study for acute gastroenteritis and gastritis and an ongoing Phase II study
for IBS-D; (iv) RHB-106

-

an encapsulated bowel preparation licensed to Salix Pharmaceuticals, Ltd.;
(v) YELIVA
(TM)

(ABC294640)

-

a Phase II-stage, orally-administered, first-in-class SK2 selective inhibitor
targeting multiple oncology, inflammatory and gastrointestinal indications;
(vi) MESUPRON -
a Phase II-stage first-in-class, orally-administered uPA inhibitor, targeting
gastrointestinal and other solid tumors; (vii) RP101

-

currently subject to an option-to-acquire by RedHill, RP101 is a Phase
II-stage first-in-class, orally-administered Hsp27 inhibitor, targeting
pancreatic and other gastrointestinal cancers; (viii)
RIZAPORT
®

(RHB-103)

-

an oral thin film formulation of rizatriptan for acute migraines, with a U.S.
NDA currently under discussion with the FDA and marketing authorization
received in Germany in October 2015; and (ix) RHB-101

-

a once-daily oral pill formulation of the cardio drug carvedilol.

This press release contains "forward-looking statements" within the meaning of
the Private Securities Litigation Reform Act of 1995. Such statements may be
preceded by the words "intends," "may," "will," "plans," "expects,"
"anticipates," "projects," "predicts," "estimates," "aims," "believes,"
"hopes," "potential" or similar words. Forward-looking statements are based
on certain assumptions and are subject to various known and unknown risks and
uncertainties, many of which are beyond the Company's control, and cannot be
predicted or quantified and consequently, actual results may differ
materially from those expressed or implied by such forward-looking
statements. Such risks and uncertainties include, without limitation, risks
and uncertainties associated with (i) the initiation, timing, progress and
results of the Company's research, manufacturing, preclinical studies,
clinical trials, and other therapeutic candidate development efforts; (ii)
the Company's ability to advance its therapeutic candidates into clinical
trials or to successfully complete its preclinical studies or clinical
trials; (iii) the extent and number of additional studies that the Company
may be required to conduct and the Company's receipt of regulatory approvals
for its therapeutic candidates, and the timing of other regulatory filings,
approvals and feedback; (iv) the manufacturing, clinical development,
commercialization, and market acceptance of the Company's therapeutic
candidates; (v) the Company's ability to establish and maintain corporate
collaborations; (vi) the Company's ability to acquire products approved for
marketing in the U.S. that achieve commercial success and build its own
marketing and commercialization capabilities; (vii) the interpretation of the
properties and characteristics of the Company's therapeutic candidates and of
the results obtained with its therapeutic candidates in research, preclinical
studies or clinical trials; (viii) the implementation of the Company's
business model, strategic plans for its business and therapeutic candidates;
(ix) the scope of protection the Company is able to establish and maintain
for intellectual property rights covering its therapeutic candidates and its
ability to operate its business without infringing the intellectual property
rights of others; (x) parties from whom the Company licenses its intellectual
property defaulting in their obligations to the Company; (xi) estimates of
the Company's expenses, future revenues capital requirements and the
Company's needs for additional financing; (xii) competitive companies and
technologies within the Company's industry; and (xiii) the impact of the
political and security situation in Israel on the Company's business. More
detailed information about the Company and the risk factors that may affect
the realization of forward-looking statements is set forth in the Company's
filings with the Securities and Exchange Commission (SEC), including the
Company's Annual Report on Form 20-F filed with the SEC
on February 25, 2016. All forward-looking statements included in this Press
Release are made only as of the date of this Press Release. We assume no
obligation to update any written or oral forward-looking statement unless
required by law.
Company contact:

Adi Frish
Senior VP Business Development &
Licensing
RedHill Biopharma
+972-54-6543-112
adi@redhillbio.com

IR contact (U.S.):
Marcy Nanus
Senior Vice President
The Trout Group
+1-646-378-2927
Mnanus@troutgroup.com

---------------------------------------
This announcement is distributed by Nasdaq Corporate Solutions on behalf of Nasdaq Corporate Solutions clients.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: RedHill Biopharma Ltd. via Globenewswire

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